International Business & Economy CPF Board requires members to have sufficient funds till age 128? Why?

CPF Board requires members to have sufficient funds till age 128? Why?

Author

The Independent

Date

Category

InternationalBusiness & Economy
- Advertisement -

A letter writer to the Today newspaper, Phan Pang Chia, is asking why the Central Provident Fund (CPF) Board is requiring its members to have sufficient funds in their retirement account to last them till age 128.
His wife was informed by the Board that she will be able to withdraw a monthly payment from the age of 64. The letter further stated, “With the current RA (Retirement Account) interest rate, your RA balance is expected to last about 64 years.”
The letter writer wanted CPF Board to explain why is there a need “for the RA balance to last until the age of 128, when the oldest ever Singaporean was 115 years old.”

Send in your scoop to news@theindependent.sg 

- Advertisement -
Featured News

JTC issues stop-work order on contractor that ‘erroneously’ cleared Kranji woodlands

Singapore – The contractor that “erroneously” cleared a forested area at Kranji has announced it has been issued a stop-work order by JTC and is assisting the developer with investigations on the issue. On Feb 16, state-owned industrial property developer JTC responded...
View Post
Featured News

Clementi, Dover, Kranji: Singapore’s grand conservation plan is to plant trees and destroy forests

Yes, we love to plant trees. Since Lee Kuan Yew started the whole ritual, at least 10,000 saplings are planted every year since 1963 as part of the Tree Planting campaign. Impressive indeed. Singapore Clean and Green. At the same time,...
View Post
Featured News

Ex-UOB vice-president charged with mishandling over S$5.4 million

Singapore—Sixty-five-year-old Ling Shek Lun, who used to be a  vice-president at UOB, has been charged with mishandling millions of dollars, reported straitstimes.com (ST) on Friday (Feb 19). Ling, a Singaporean who was charged in district court on Feb 10, faces two charges...
View Post

Send in your scoop to news@theindependent.sg 

© The Independent News & Media Pte Ltd, Singapore
Theindependent